- Bitcoin closed the fifth straight in the red on Saturday.
- A weekly close below $9,000 could trigger a fresh selling wave.
After spending the majority of the day moving sideways near $9,100 on Saturday, Bitcoin (BTC) came under renewed bearish pressure in the late American session and slumped to its lowest level in a month at $8,815. Although the pair recovered modestly and closed the day a little above $9,000 it struggles to stage a meaningful rebound on Sunday. As of writing, Bitcoin was posting small daily losses at $8,996.
Technical outlook
With Saturday’s drop, the RSI indicator on the daily chart continued to edge lower below 50, showing that the bearish pressure is gathering strength. Moreover, both the 20-day SMA and the 50-day SMA turned south above the price, confirming the bearish outlook.
A weekly close below $9,000 (psychological level/Fibonacci 23.6% retracement of March-June rally) could cause Bitcoin to extend its slide toward $8,600 (static level) and $8,400 (100-day SMA). On the upside, resistances align at $9,400 (20-day SMA/50-day SMA), $,9,780 (June 22 high) and $10,000 (psychological level).
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